Month: July 2024

Major Boosts for Andhra Pradesh and Bihar: Budget 2024-25 Unveiled

Manish Kumar

Finance Minister Nirmala Sitharaman presented her seventh consecutive budget on Tuesday for the fiscal year 2024-25, marking a significant moment with major announcements for Andhra Pradesh and Bihar. The budget includes substantial investments in infrastructure, education, agriculture, and youth employment, aiming to drive economic growth and development across these states. Andhra Pradesh Capital Development A landmark announcement was made for Andhra Pradesh, with the government pledging Rs 15,000 crore for the development of the state capital. This special financial support aims to transform the capital into a thriving hub of…

Modernizing Tradition: How Nirmala Sitharaman Revolutionized Budget Presentation; Briefcase to tablet

Manish Kumar

For decades, India’s finance ministers carried a briefcase to present the budget. This practice, rooted in British tradition, symbolized the weight and significance of the financial exercise. However, Finance Minister Nirmala Sitharaman broke this long-standing tradition in 2019 with a bahi khata and further modernized it with a tablet in 2021. As she prepares to present her seventh consecutive budget on July 23, let’s delve into the evolution of budget presentation under her tenure. The Legacy of the Briefcase The term “Budget” originates from the French word “Bougette,” meaning leather…

Indian Economy Demonstrates Resilience Amid Global Challenges: Economic Survey 2023-24

Manish Kumar

The Indian economy showcases remarkable resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page survey in the Indian Parliament on July 22, Finance Minister Nirmala Sitharaman highlighted the successful consolidation of India’s post-Covid recovery. Role of Fiscal and Monetary Policies The survey credits both fiscal and monetary policymakers for playing crucial roles in ensuring economic and financial stability. These efforts have contributed significantly to the continued economic expansion of the country. However, it warns that global market volatility means constant change for a…

Centre Rejects Special Status for Bihar, RJD Criticizes JDU

Manish Kumar

The Centre has decided not to grant special status to Bihar. This decision came after Janata Dal (United) MP Ramprit Mandal raised the issue in parliament. Minister of State for Finance Pankaj Chaudhary responded in writing. He stated that Bihar does not meet the criteria for special status. Criteria for Special Status Special Category Status was previously given by the National Development Council (NDC). States with hilly terrain, low population density, tribal populations, strategic borders, economic backwardness, and non-viable finances were considered. An Inter-Ministerial Group (IMG) in 2012 found that…

Byju Raveendran Faces Reckoning as Ed-Tech Giant Collapses

Manish Kumar

Byju Raveendran, once a mathematics teacher turned billionaire entrepreneur, now faces his toughest challenge. His ed-tech company, Byju’s, has plummeted from a $22 billion valuation to below $2 billion. Accusations of financial mismanagement and compliance issues have led to insolvency proceedings, casting a shadow over his legacy. Rise to Prominence Raveendran’s journey began humbly in a small village in South India. He started Byju’s in 2011 with physical classes. His knack for teaching and impressive credentials, including acing a premier Indian management exam twice, quickly gained attention. Alongside his wife…

Global Leaders Pay Tribute to Biden’s Legacy as He Exits 2024 Presidential Race

Manish Kumar

On Sunday, President Joe Biden announced he would not seek re-election in 2024, endorsing Vice President Kamala Harris for the Democratic nomination. This announcement prompted reactions from leaders worldwide, who lauded Biden’s long and impactful career. Democratic and Republican Reactions Democrats praised Biden’s dedication and legacy, emphasizing his many years of public service. Republicans, on the other hand, called for his immediate resignation, citing concerns about his age and mental acuity. Biden’s decision came amid increasing pressure for him to step down, reflecting concerns raised throughout his presidency and re-election…

Hinduja Tech to Acquire Germany’s Tecosim Group for €21 Million

Manish Kumar

Hinduja Tech, a subsidiary of Ashok Leyland, is set to acquire Germany-based engineering firm Tecosim Group for €21 million (approximately ₹190 crore). This strategic move is designed to expand Hinduja Tech’s presence in the European market and enhance its global capabilities in mobility engineering services. Background on Hinduja Tech Hinduja Tech, established as a leading provider of engineering, manufacturing, and enterprise solutions, is a key player in the automotive and aerospace sectors. The company has built a reputation for delivering innovative and sustainable engineering solutions that cater to the evolving…

Biden Withdraws from Presidential Race, Endorses Harris

Manish Kumar

President Joe Biden announced he is ending his re-election campaign. The decision came after facing pressure from fellow Democrats. Concerns about his mental acuity were cited as the main reason. Biden stated this move is in the best interest of the country. He will remain in office until January 2025. Kamala Harris Endorsed Biden’s withdrawal opens the path for Vice President Kamala Harris. She now has the opportunity to run for president. Harris would be the first Black woman to do so in U.S. history. Biden did not mention her…

Byju’s Faces Shutdown Amid Insolvency Crisis, CEO Warns

Manish Kumar

Indian ed-tech giant Byju’s, once valued at $22 billion, faces a total shutdown if insolvency proceedings continue, warned its CEO in a court filing. The financial troubles of the company could lead to thousands of employees quitting and a complete halt of its services. Recent Setbacks Byju’s, backed by notable investors like Prosus and General Atlantic, has faced multiple setbacks recently. These setbacks include significant job cuts, a dramatic drop in valuation, and ongoing disputes with investors. The investors have accused CEO Byju Raveendran of corporate governance lapses, allegations which…

Trump’s First Call as Republican Nominee; Guarantees to End Ukraine-Russia War After Call with Zelenskyy

Manish Kumar

Donald Trump has pledged to end the Ukraine-Russia war following a congratulatory call from Ukrainian President Volodymyr Zelenskyy. The two leaders spoke over the phone on Friday, marking Trump’s first conversation with a foreign leader since officially becoming the Republican Party’s presidential nominee. This call highlights the growing international awareness of Trump’s potential impact on the November 5 elections. Call Details and Trump’s Promise In a post on Truth Social, Trump shared the details of their conversation. “President Zelenskyy of Ukraine and I had a very good phone call earlier…